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Dec 5, 2012
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having an agreement to avoid the debt, the fiscal cliff, and then having a down payment on actually getting the $4 trillion identified. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six month
having an agreement to avoid the debt, the fiscal cliff, and then having a down payment on actually getting the $4 trillion identified. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax...
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Nov 30, 2012
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welcome. >> thank you. >> so the fiscal cliff issue, end of the year is looming. we saw the response to this opening gambit by president obama. how likely is it that this is the final plan put forward, what elements do you expect to be most critical here as talks continue? >> i think there will be a lot of brinkmanship. this is just the beginning of the process. i think it will be a while. we'll probably go into next year and actually go over the cliff temporarily before they get a deal. >> so you're in the over the cliff camp. >> if you talk to people in washington, they think it will be done before christmas. how can they say we'll go away on say case, don't worry, we'll be back and solve this, but i think it will be pretty tough to solve it before we actually go into next year. >> merry christmas, here is your tax hike? >> i think people are preparing for that anyway. i think everyone realizes that tax rates for upper households will go up. >> certainly companies are aware of what's happening. >> you're seeing more deals to take advantage of the lower capital g
welcome. >> thank you. >> so the fiscal cliff issue, end of the year is looming. we saw the response to this opening gambit by president obama. how likely is it that this is the final plan put forward, what elements do you expect to be most critical here as talks continue? >> i think there will be a lot of brinkmanship. this is just the beginning of the process. i think it will be a while. we'll probably go into next year and actually go over the cliff temporarily before they...
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Nov 30, 2012
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unfortunately, one of the big upsets about this fiscal cliff and the $16 trillion debt is the taxes and what we're leaving to our kids and grand kids. i hate to pour cold water on this, bill. poor charlie. >>> all right. we have the closing countdown next. >> after the bell, we'll hear from somebody who says entitlements didn't cause our debt problems, cuts to them shouldn't be part of the fiscal cliff solution and the negotiations continue. you're watching cnbc, first in business worldwide. d... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. well, having a ton of locations doesn't hurt. and a santa to boot! [ c
unfortunately, one of the big upsets about this fiscal cliff and the $16 trillion debt is the taxes and what we're leaving to our kids and grand kids. i hate to pour cold water on this, bill. poor charlie. >>> all right. we have the closing countdown next. >> after the bell, we'll hear from somebody who says entitlements didn't cause our debt problems, cuts to them shouldn't be part of the fiscal cliff solution and the negotiations continue. you're watching cnbc, first in...
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Nov 30, 2012
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lawmakers now admit they made no real progress on the compromise to avoid the fiscal cliff. republicans are rejecting president obama's proposal which includes $1.6 trillion tax hike. $50 billion economic stimulus package and -- new power to increase the debt ceiling without congressional approval. all of that sounds like a winner. the offer featured higher tax rates for households making more than $250,000 a year. no surprise there. one-year postponement of the sequester and about $400 billion in savings over ten years from medicare and other entitlement programs. they did do something. we will come back. german parliament has given its approval to the greek debt deal approved by european finance ministers earlier this week. that means greece can receive -- euros in rescue loans. and zynga shares getting slammed in pre-market trading. new agreement with facebook removes zynga's special status and let's facebook develop its own games which it could not do under the old agreement. where are the markets? i have a nice thing there. the markets are -- looks like we are up on the
lawmakers now admit they made no real progress on the compromise to avoid the fiscal cliff. republicans are rejecting president obama's proposal which includes $1.6 trillion tax hike. $50 billion economic stimulus package and -- new power to increase the debt ceiling without congressional approval. all of that sounds like a winner. the offer featured higher tax rates for households making more than $250,000 a year. no surprise there. one-year postponement of the sequester and about $400 billion...
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Nov 29, 2012
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cliff. and uk banks brace for possible new rules on capital and lending as bank of england governor mervyn king prepares to unveil his financial stakt reporbility. and the search is on on for the winners of the pow ball ticket as two tickets matched all the numbers in the $580 million drawing. we're getting a lot of green on the heat map and not a lot of red. sur enough, the stoxx 600 is up 0.8%. we can take a look in at the bourses and almost a mirror image of yesterday. ibex 35 adding 1.6%, cac 40 up more than 1%. the dax adding 0.8%. and we just got german unemployment figures. plus the foot city 100 up 0.8% this morning. so pretty much a strong session across the board. again, following what we saw in the u.s. yesterday. take a look at the bond wall here of course we have an italian auction coming up later and italy's ten year, below 4.5% this morning. so price rising. that yield falling. spain also benefiting. that yield down to 5.2%. bunds creeping back up to 1.4% level. let's key in o
cliff. and uk banks brace for possible new rules on capital and lending as bank of england governor mervyn king prepares to unveil his financial stakt reporbility. and the search is on on for the winners of the pow ball ticket as two tickets matched all the numbers in the $580 million drawing. we're getting a lot of green on the heat map and not a lot of red. sur enough, the stoxx 600 is up 0.8%. we can take a look in at the bourses and almost a mirror image of yesterday. ibex 35 adding 1.6%,...
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Dec 1, 2012
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the fiscal cliff will create a crisis like the debt ceiling negotiation did that led to the bottom 16 months ago. going to be another buying opportunity. but stocks will be significantly lower. by the way that's what creates buying opportunities. but face it it's going to happen. >> jim la camp, will the stock market vigilantes be necessary to get an agreement in washington? >> i think we're going to see more volatility. >> don and jim, thanks very much. >>> up next why the biggest headache right now for a baseball general manager might just be taxes and the fiscal cliff. don't tell me taxes don't matter. it even affects baseball all next on "kudlow." >>> dominos have a problem with obama care. they claim it forces them to post signs with nutritional information on every product. domino's says it's done the math. there are 34 million possible combinations costing thousands of dollars at each location which of course will be passed on to customers. this is nuts! massive overregulation. and i think it's another reason why we should say goodbye to obama care. >>> now let's go from pizza
the fiscal cliff will create a crisis like the debt ceiling negotiation did that led to the bottom 16 months ago. going to be another buying opportunity. but stocks will be significantly lower. by the way that's what creates buying opportunities. but face it it's going to happen. >> jim la camp, will the stock market vigilantes be necessary to get an agreement in washington? >> i think we're going to see more volatility. >> don and jim, thanks very much. >>> up next...
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Nov 29, 2012
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>> tomorrow, the fiscal cliff looms and washington reresponds. the rise above road trip continues. well, in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. like the transatlantic cable that connected continents. and the panama canal that made our world a smaller place. we supported the marshall plan that helped europe regain its strength. and pioneered the atm, so you can get cash when you want it. it's been our privilege to back ideas like these, and the leaders behind them. so why should our anniversary matter to you? because for 200 years, we've been helping people and their ideas move from ambition to achievement. and the next great idea could be yours. ♪ thor gets great rewards for his small business! your boa! [ garth ] thor's small business earns double miles on every purchase, every day! ahh, the new fabrics. put it on my spark card. ow. [ garth ] why settle for less? the spiked heels are working. wait! [ garth ] great businesses deserve great rewards. [ male an
>> tomorrow, the fiscal cliff looms and washington reresponds. the rise above road trip continues. well, in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. like the transatlantic cable that connected continents. and the panama canal that made our world a smaller place. we supported the marshall plan that helped europe regain its strength. and pioneered the atm, so you can get...
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Dec 6, 2012
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the fiscal cliff, the chairman and vice chairman will join us first on "squawk" to talk about the debt negotiations. at 8:30 eastern the weekly job numbers. and a disruptor, applico founder and ceo alex moazed will join us at the bottom of the hour. becky if you interview him it's moazed so if it's wrong stick with that so no one will know. we shed $35 million of market as well mopping the reasons cited by analysts a forecast by an influential research firm suggesting the iphone iphone is giving up to google's headlines. apple accounts for the entirely of the mass dnasdaq's fall of 1. apple is enjoying its best day since early last week. didn't close on its highs but equities up 8% points or so. futures back in positive territory, up 15 and down and up five or so. everybody's watching what's going on in d.c. overnight in asia it was mixed but not big moves sni where, japan had a good day and in europe we have green roar rows yesterday morning which pour tended good things for us here, germany doing the best. >> as expect the bank of england and european central banks left their ratings
the fiscal cliff, the chairman and vice chairman will join us first on "squawk" to talk about the debt negotiations. at 8:30 eastern the weekly job numbers. and a disruptor, applico founder and ceo alex moazed will join us at the bottom of the hour. becky if you interview him it's moazed so if it's wrong stick with that so no one will know. we shed $35 million of market as well mopping the reasons cited by analysts a forecast by an influential research firm suggesting the iphone...
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. >> allstate is reducing its exposure to muni debt. why? is this a reaction to the fiscal cliff? >> well, we started reducing our municipal debt a couple years ago when the recession was on and state governments were having a hard time. we just had too much. we had about $26 billion. now we're down to 13. i feel good at where we're at. we reduced it for four reasons. if you're loaning somebody money, right, you want to make sure they got income to pay you. you want to make sure they got decent balance sheet. you got to like the management team. you got to like governance. in many of these states, we didn't like all four of them. we thought they didn't have any money, weren't generating enough tax rev news, their governance was terrible. so we said, you know, we're just going to get smaller. >> hurricane sandy, big hit? >> $1.75 billion. about a quarter worth of earnings for us. i toured the damage yesterday. all the devastation you'd expect. i saw all the places. the interesting thing was what you don't see in those tapes are the american resilience. people pick themselves up and
. >> allstate is reducing its exposure to muni debt. why? is this a reaction to the fiscal cliff? >> well, we started reducing our municipal debt a couple years ago when the recession was on and state governments were having a hard time. we just had too much. we had about $26 billion. now we're down to 13. i feel good at where we're at. we reduced it for four reasons. if you're loaning somebody money, right, you want to make sure they got income to pay you. you want to make sure...
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i think this is the first of many fiscal cliffs to come, if you will, much like debt ceilings of the 1980s. i think most investors have already done what they need to do for the fiscal cliff. it is called diversification. beyond that, i think they should focus more on what's going to be left after the cliff -- >> where can you hide? where can you diversify away from the fiscal cliff in minibonds? that's boring! >> well, i think you're sufficiently diversified. everyone should own a little bit of everything, stocks, bonds, commodities, overseas markets as well as domestic and real estate. and that's good enough. but i think if you do much more than that in anticipation of this, i think you're going to do yourself a disservice. i think it is better to focus on what we're going to return to very quickly after the end of this month or maybe a couple weeks into january and that's the fundamentals on the ground. they to me are looking better and better. >> you're a rich, successful guy. you're probably the mayor of minneapolis de facto. right? you got gold bars stashed in your garage out b
i think this is the first of many fiscal cliffs to come, if you will, much like debt ceilings of the 1980s. i think most investors have already done what they need to do for the fiscal cliff. it is called diversification. beyond that, i think they should focus more on what's going to be left after the cliff -- >> where can you hide? where can you diversify away from the fiscal cliff in minibonds? that's boring! >> well, i think you're sufficiently diversified. everyone should own a...
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from your perspective, what impact is the fiscal cliff having with regard to the situation? we've seen today a number of special dividends announced, debt finance acceleration of special dividends. what is your perspective on this and the impact on corporate leaders and boards? >> you know, i think it's quite fluid. even quite fluid with individuals. you had steve ratner on here last week. he went over right after you the next day and his predictions where consumer is strong and we're seeing a big gap between where ceos are who are much more pessimistic. as steve was arguing, they're holding back and expecting the cliff is going to come and we're going to go over the cliff and the consumer and the individual investor in some cases don't understand that. and yet i just saw yesterday on another network, steve ratner was saying, you know what? i'm hearing different things now. it looks like we may, in fact, somehow keep this from careening off the cliff. so we're seeing an awful lot of people that are unsure how to read this in the course of a day. the sentiment seems to be so
from your perspective, what impact is the fiscal cliff having with regard to the situation? we've seen today a number of special dividends announced, debt finance acceleration of special dividends. what is your perspective on this and the impact on corporate leaders and boards? >> you know, i think it's quite fluid. even quite fluid with individuals. you had steve ratner on here last week. he went over right after you the next day and his predictions where consumer is strong and we're...
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problem number one is the fiscal cliff and threat of recession. raising any more taxes doesn't make any sense. this is politics trumping economic sense. second problem is fixing the debt and there's this debate about how much revenue, how much spending. balance means heavy on spending lighter on taxes and bowles-simpson told us the route to do that is tax reform. >> much more fun by the way to have 4% or 5% growth than to equitable about 1% or 2% growth. thank you gentlemen. we appreciate it. now to another controversy. are minorities especially latinos a lost cause for republicans and conservative principles? i say no, but our next guest star parker may just disagree. we'll have a little discuss. folks don't forget free market capitalism is the best true to prosperity. it's true for lower tax and lower spending. i'm kudlow. we'll be right back. >>> the republican party will never win another presidential election in my lifetime unless it broadens its base especially with latino and asian immigrants. so what's the best way to pull this off? now wr
problem number one is the fiscal cliff and threat of recession. raising any more taxes doesn't make any sense. this is politics trumping economic sense. second problem is fixing the debt and there's this debate about how much revenue, how much spending. balance means heavy on spending lighter on taxes and bowles-simpson told us the route to do that is tax reform. >> much more fun by the way to have 4% or 5% growth than to equitable about 1% or 2% growth. thank you gentlemen. we appreciate...
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and then the fiscal cliff blame game, new data on who americans blame for the gridlock in washington plus is congressional leadership holding up negotiations in d.c.? former senator, co-chair of the campaign to fix the debt judd gregg is here with his take on that. the death cross is on for what was once the favorite name apple, shares rebounding back to 547. is this finally the opportunity to get in? alex gauna is an analyst with jmp securities. good to have you with us. >> good morning, thank you. >> a lot of discussion how technically some defenders say apple is exacting exactly as it should. do you see it that way? >> technically i think the dangerous thing is this stock forms a head and shoulders and i don't know where the support comes in, somewhere in the 400s. that's a key risk to the stock. i focus on the fundamentals. it's worrisome in the near term for apple. when there's a lot behind that, the relationship with samsung the frenemy relationship has gone to enemy. also the closing competitive gap between apple and rival products out there, so many of those that have subsidi
and then the fiscal cliff blame game, new data on who americans blame for the gridlock in washington plus is congressional leadership holding up negotiations in d.c.? former senator, co-chair of the campaign to fix the debt judd gregg is here with his take on that. the death cross is on for what was once the favorite name apple, shares rebounding back to 547. is this finally the opportunity to get in? alex gauna is an analyst with jmp securities. good to have you with us. >> good morning,...
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what do americans, average americans, want to see in a fiscal cliff deal? steve leisman here now with our exclusive results of the cnbc all-america economic survey. what do americans want, steve? >> what you would expect. free stuff, tyler. actually, no, we'll get into that in a second. first we want to show you results of our december cnbc all-america survey. what we asked about the fiscal cliff. the first thing we wanted to establish is do people know about this thing? we looked at some of the other times we've asked this. what we'll see right here is other situations where they knew it, where other main stories that were out there. for example, the trayvon martin shooting. 91% of americans knew about that. occupy wall street, 80%. going forward what you have here, facebook, 72%. all the way down to 70%. you can look at this a couple ways. here's the greek financial crisis. 30% of the public not really paying attention to. inside that 70% number, 36% have know a lot about it. we'll compare with other stuff we asked last time about when they had a debt --
what do americans, average americans, want to see in a fiscal cliff deal? steve leisman here now with our exclusive results of the cnbc all-america economic survey. what do americans want, steve? >> what you would expect. free stuff, tyler. actually, no, we'll get into that in a second. first we want to show you results of our december cnbc all-america survey. what we asked about the fiscal cliff. the first thing we wanted to establish is do people know about this thing? we looked at some...
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we've got to address the cliff. we've got to raise the debt ceiling. and most importantly, we need long-term deficit reduction to get the fiscal sustainability. so, they've got a lot more to do than simply working on the -- >> i agree with that. in fact, the way i put it which is what i meant which is the resolution of the cliff. but i don't think the cliff gets resolved until we resolve the tax rate issue and then the other parts can follow. >> that makes sense. >> there's an editorial, op-ed in "the times" today that says do you know what, it's an aging society. that aging society means higher payments out to the wealthy -- to the elderly from the government. higher medicare spending, higher retirement spending, and especially something we have to get used to and we're going to have to bump up the share of the economy, that is, from the government because that's the way we're going to have to live if we want to take care of the elderly. mark, is that a reality? does that mean higher -- i'm sorry, lower long-term growth rates for the economy? >> well,
we've got to address the cliff. we've got to raise the debt ceiling. and most importantly, we need long-term deficit reduction to get the fiscal sustainability. so, they've got a lot more to do than simply working on the -- >> i agree with that. in fact, the way i put it which is what i meant which is the resolution of the cliff. but i don't think the cliff gets resolved until we resolve the tax rate issue and then the other parts can follow. >> that makes sense. >> there's an...
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. >> so what are you doing about the fiscal cliff? >> we think it's actually a good thing because it's addressing something in our country that's gotten out of control. step back the last five years, september 2007, we crossed $9 trillion in debt. thousand we're at $16.2 trillion to $16.3 trillion four years later. five years later. deficits of 1.25 trillion for the last five years. so we have a problem in our country that really needs to be resolved. we've become addicted to stimulus really through deficit spending, through 0% interest rates. >> how are you investing around this? >> we're comfortable investing in corporate bonds. bond spreads have tightened, but investors still being paid on a reasonable basis. we have structured products like clos. >> do you care if we go over the cliff? >> it's a concern, but i think it's actually not that much of a concern to me, no. >> so it's okay? >> we look at the fundamentals of companies when we invest and the fundamentals of companies are very strong. probably will affect the stock market m
. >> so what are you doing about the fiscal cliff? >> we think it's actually a good thing because it's addressing something in our country that's gotten out of control. step back the last five years, september 2007, we crossed $9 trillion in debt. thousand we're at $16.2 trillion to $16.3 trillion four years later. five years later. deficits of 1.25 trillion for the last five years. so we have a problem in our country that really needs to be resolved. we've become addicted to...
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not just the fiscal cliff, it was time after time, the start of the debt ceiling talks and then they get pushed off, these are temporary fixes and it keeps coming. >> i guess one of the things that we kind of focus on is what happens after the fiscal cliff. because that just maybe gets you over the hump. this may be just a temporary fix to give them time to work out in 2013 perhaps a bigger deal, a grand bargain. but what does grand bargain mean. if you were able to cobble together a bigger deal, but a lot of people worry that's fiscal drag. and that will mean that as we move into '14, '15, growth will be a lot softer. >> you have to get confidence because. because if the consumer doesn't have confidence going into christmas and next year and saying i don't know what's going on, right now that's holding up our economy. two-thirds of our economy is driven by the consumer actually starting to spend. business is dragging. you will see a multiplier effect on the negative side and 2014 will look worse because people won't travel, they won't buy. all advertising, you can just look at kind
not just the fiscal cliff, it was time after time, the start of the debt ceiling talks and then they get pushed off, these are temporary fixes and it keeps coming. >> i guess one of the things that we kind of focus on is what happens after the fiscal cliff. because that just maybe gets you over the hump. this may be just a temporary fix to give them time to work out in 2013 perhaps a bigger deal, a grand bargain. but what does grand bargain mean. if you were able to cobble together a...
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and avoid the fiscal cliff. that's coming up in just a little bit. >>> we also can't leave seattle without taking note of another huge milestone in washington state. voters legalized same-sex marriage last month too so today here's the picture. midnight on the dot clerks handed out marriage licenses and those were the first two in line. they met on a blind date back in 1977 and they never thought that they would live to legally wed amongst all of these other people who showed up for their legal licenses in seattle. by the way, the ceremony of those elderly ladies like many others will take place this sunday. ♪ [ male announcer ] shift the balance of power decisively in your favor. the exclusive eight-speed transmission and rotary shifter in the new 2013 ram 1500. engineered to move heaven and earth. guts. glory. ram. yeah we both relieve coughs, sneezing, aches, fevers. and i relieve nasal congestion. overachiever. [ female announcer ] tylenol® cold multi-symptom nighttime relieves nasal congestion. nyquil®
and avoid the fiscal cliff. that's coming up in just a little bit. >>> we also can't leave seattle without taking note of another huge milestone in washington state. voters legalized same-sex marriage last month too so today here's the picture. midnight on the dot clerks handed out marriage licenses and those were the first two in line. they met on a blind date back in 1977 and they never thought that they would live to legally wed amongst all of these other people who showed up for...
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the debt ceiling if it is not part of any agreement, regarding the fiscal cliff to avert the fiscal cliff they will need to take up this question of raising the debt ceiling come likely early next year. republicans see that the question of raising the debt creeling is where they have leverage in this negotiation. the president and democrats do not want the debt ceiling to be kind of -- raising the debt ceiling to be part of this negotiation. they do not want this on their plate come early next year. it all comes down to leverage. democrats see that they have the leverage here because look at most recent polls today. if you look at this week, if you look at recent polls out this week, it shows that a majority of americans say if there is no deal, if we go over the fiscal cliff, they will blame republicans and not democrats or the president. you can be sure everyone is watching those polls. the debt ceiling if you can believe it, i know christine is rolling her eyes over there, the debt ceiling is becoming a part of this. >> that dialogue has been going on for quite some time now. at the en
the debt ceiling if it is not part of any agreement, regarding the fiscal cliff to avert the fiscal cliff they will need to take up this question of raising the debt ceiling come likely early next year. republicans see that the question of raising the debt creeling is where they have leverage in this negotiation. the president and democrats do not want the debt ceiling to be kind of -- raising the debt ceiling to be part of this negotiation. they do not want this on their plate come early next...
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because they see that if they don't want the debt ceiling to be part of the this fiscal cliff fight. they want to talk about it next year, and they see that as a way to be able to force the president to agree to more spending cuts and entitlement changes that he would otherwise not want to maybe agree to, soledad. but bottom line is, we're still watching them fight in public, which as you well know, the more they're fighting in public, the less they're talking behind the scenes. >> but maybe not. the fact they're not talking about anything they discuss on the phone call, i actually see that as a little ray of hope, right? like let's move it away from the cameras and get some serious work done. >> i will agree with you. >> hope springs eternal. >> i will agree with you. take that sliver of hope and i'll be back here telling you there's no progress. >> kate is an optimist and so am i. thanks, kate. appreciate it. zoraida sambolin has a look at some of the other news. >>> the bodies of two young cousins missing since the summer have been found by hunters in a wooded area in iowa. 10-yea
because they see that if they don't want the debt ceiling to be part of the this fiscal cliff fight. they want to talk about it next year, and they see that as a way to be able to force the president to agree to more spending cuts and entitlement changes that he would otherwise not want to maybe agree to, soledad. but bottom line is, we're still watching them fight in public, which as you well know, the more they're fighting in public, the less they're talking behind the scenes. >> but...
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the question for you this morning, are you prepared if the nation goes off the fiscal cliff? it's the ultimate game of chicken. who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for geithner to say. what about all those middle class families whose tax will go up more than $2,000 if, as geithner suggests, we take a dive off that cliff? even though president obama and john boehner chatted on the phone, there's still no deal. republicans are not amused. >> incredibly, many top democrats, including the president, seem perfectly happy. perfectly happy to go off the cliff. that's why the president has been more interested in campaign rallies than actually negotiating a deal. >> many americans don't have much hope the two side also come up with a deal. they've moved on already to plan b. th
the question for you this morning, are you prepared if the nation goes off the fiscal cliff? it's the ultimate game of chicken. who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for...
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cliff as a three-part problem. part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not by raising tax rates. in fact, they want to lower tax rates for everyone. instead they'd raise money only by limits deductions and closing loopholes. speaker boehner says this will raise $800 billion over ten years. >> america faces a serious problem. our goal is to make sure it gets solved. >> step two, avoiding the drastic spending cuts that begin on january 1st, the so-called sequester. both sides want to find savings in medicare, but disagree about how to do it. >> we need a responsible white house. we can't sit here and negotiate with our
cliff as a three-part problem. part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not by...
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let's get to this fiscal cliff. $4 trillion in debt reduction. are there specific ways of reaching that figure that both of you might agree on? >> well, you know i think one comprom ice is that we need to cut some military spending. conservatives like myself who think that national spending, i think that compromise could get to spending cut. >> here is the question, both sides are going to have to compromise beyond defense spending. do you see you supporting? >> mostly has to be on the spending side. we used to spend 20% of gdp. federal spending has gone up. and when people say we have to raise taxes on rich people, one there is not enough money and you get less revenue. and when you lower rates you get more revenue. what do you make of tom cole's proposal that republican lawmakers should extend tax rates for those making less before the end of this year and deal with the tax rates for the wealthiest americans at a later date? >> once you separate them out there is not a lot of sympathy for therism people. but the public often doesn't realize tha
let's get to this fiscal cliff. $4 trillion in debt reduction. are there specific ways of reaching that figure that both of you might agree on? >> well, you know i think one comprom ice is that we need to cut some military spending. conservatives like myself who think that national spending, i think that compromise could get to spending cut. >> here is the question, both sides are going to have to compromise beyond defense spending. do you see you supporting? >> mostly has to...
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washington has a lot of work to do to avoid the fiscal cliff and fix our debt issues and i'll keep bringing you the lawmakers, economists, and
washington has a lot of work to do to avoid the fiscal cliff and fix our debt issues and i'll keep bringing you the lawmakers, economists, and
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. >>> back to our conversation on the so-called fiscal cliff. the debt reducing tax hikes and federal spending cuts coming january 1st unless congress and the president act. so now both sides have offers on the table, the democrats' plan which would focus debt reduction on higher tax rates for the wealthiest 2%. house republicans, they anted up yesterday with a plan to cut the debt through tax code and spending reforms, not through higher tax rates for the wealthy. if there is no agreement, you know the deal, everyone, everyone's taxes go up. representative tom price of georgia joins me now from capitol hill. he is a hard line republican. congressman, good to see you. thanks for coming on. >> yes, thank you so much. good to be with you. >> the republican plan published yesterday, it is note worthry, congressman price, it would raise more money through the tax system this and is a pretty big departure for your republican party. i just want to know, do you support this proposal put forward by the speaker of the house? >> well, this proposal is jus
. >>> back to our conversation on the so-called fiscal cliff. the debt reducing tax hikes and federal spending cuts coming january 1st unless congress and the president act. so now both sides have offers on the table, the democrats' plan which would focus debt reduction on higher tax rates for the wealthiest 2%. house republicans, they anted up yesterday with a plan to cut the debt through tax code and spending reforms, not through higher tax rates for the wealthy. if there is no...
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. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and president obama need to strike a deal on reducing the national debt. they have soundly rejected a white house offer that included $1.6 trillion in revenue, $400 billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner arriving on capitol hill for high level talks, most notably with house speaker john boehner. >> good morning, everyone. >> how did it go? just listen. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious. about real spending cuts. >> a much gloomier assessment from the initial prethanksgiving huddle at the white house. boehner described his meeting with geithner as frank and direct, the same way he described his phone call with the president the night before. and for the past two weeks there has been no substantive progress. >> most
. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and president obama need to strike a deal on reducing the national debt. they have soundly rejected a white house offer that included $1.6 trillion in revenue, $400 billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner...
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let's get to this fiscal cliff. the president set a goal of $4 trillion in debt reduction. are there specific ways of reaching that figure that both of you might agree on? >> well, you know i think one compromise i can agree with democrats on is that we need to cut some military spending. i think the compromise is conservatives like myself who think that national defense is important, should cut on military spending, and cut on some social welfare spending. i think that compromise could get the spending cuts. >> here is the question, both sides are going to have to compromise beyond defense spending. is there anything you see supporting? >> mostly has to be on the spending side. we used to spend 20% of gdp. we're now spending 25% of gdp. federal spending has gone up at an alarming rate in the past four years. and when people say we have to raise taxes on rich people, one there is not enough money and you often find when you get rai to raising rates, you get less revenue. and when you lower rates you get more revenue. >> what do you make of tom cole's proposal that republica
let's get to this fiscal cliff. the president set a goal of $4 trillion in debt reduction. are there specific ways of reaching that figure that both of you might agree on? >> well, you know i think one compromise i can agree with democrats on is that we need to cut some military spending. i think the compromise is conservatives like myself who think that national defense is important, should cut on military spending, and cut on some social welfare spending. i think that compromise could...
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cliff. >> first, the fiscal cliff, relative to our nation's spending driven debt crisis is a pothole. you've got 0.3% of all americans that have million dollar incomes. this is a shell game. you can't tax your way out of this problem. i mean, you have revenues that are about the same levels they were five or six years ago, when deficits were running $100, $150 billion. now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is on the tax revenues. you can tax every millionaire 100% and run the government for two or three months. this is a spending driven crisis and it has to be solved on the spending side. until the president gets serious about it, i'm not sure what there is to talk about, soledad. >> i'm not sure that the only conversations have just been on the tax side. i actually think there have been conversations on both. at this moment, right, we're going over or toward the fiscal cliff. if you do nothing, all of our taxes are going up. why not, as a first move, say, listen, nobody at this point wants to raise taxes
cliff. >> first, the fiscal cliff, relative to our nation's spending driven debt crisis is a pothole. you've got 0.3% of all americans that have million dollar incomes. this is a shell game. you can't tax your way out of this problem. i mean, you have revenues that are about the same levels they were five or six years ago, when deficits were running $100, $150 billion. now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is...
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solving the fiscal cliff in a manner that addresses the true drivers of our debt and saves american jobs will be a great way for the president to start his second term. for the country and my colleagues, we're ready to work with the president to achieve those goals. >> mr. speaker, a couple things. first, on the issue of tax rate, are you willing to accept no deal that includes some increase in those top tax rates? i'm also wondering what are final deadline on this is? how much longer can this back and forth go? when do we have to have a deal -- >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table. revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple. secondly, the american people expect us to find common ground, to work together and to resolve this. frankly, sooner is better than later. >> you've been doing this for a long ti
solving the fiscal cliff in a manner that addresses the true drivers of our debt and saves american jobs will be a great way for the president to start his second term. for the country and my colleagues, we're ready to work with the president to achieve those goals. >> mr. speaker, a couple things. first, on the issue of tax rate, are you willing to accept no deal that includes some increase in those top tax rates? i'm also wondering what are final deadline on this is? how much longer can...
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let's get to the so-called fiscal cliff. the president has set a goal. $4 trillion in debt reduction over the next decade. are there any specific ways of reaching that figure that both of you might agree on? >> well, you know, one compromise i can agree with democrats on, we need to cut military spending. so i think the compromise is conservatives like myself who think national defense is very important should compromise on military spending and liberals should compromise on entitlements and social welfare spending, that compromise should get to spending cuts. >> here is the question, though. both sides are going to have to compromise, beyond defense spending, any other compromise you could see you supporting? >> mostly has to be to me on the spending side. we used to spend about 20% of gdp. now spending 25% of gdp. federal spending has gone up at an alarming rate in the last four years. people come to me and said say we have to raise taxes on rich people. one there, is not enough money. two, when you raise rates, you get le
let's get to the so-called fiscal cliff. the president has set a goal. $4 trillion in debt reduction over the next decade. are there any specific ways of reaching that figure that both of you might agree on? >> well, you know, one compromise i can agree with democrats on, we need to cut military spending. so i think the compromise is conservatives like myself who think national defense is very important should compromise on military spending and liberals should compromise on entitlements...
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to avoid that fiscal cliff. republican aid describe the tentative white house proposal this way. $1.6 trillion in revenue presented by secretary treasury secretary timothy geithner and stimulus and $400 billion in medicare and other entitlement savings. a permanent increase in the debt limit. >> so, let's get more on the standoff right now. joining us senator bernie sanders of vermont. he caucuses with the democrats. senator, first of all, congratulations on your re-election. thanks for coming in. republicans say, you know what, they'll be flexible, but the democrats have to be flexible, too, especially when it comes to entitlement spending. medicare, medicaid and even reform. are you open to any of that? >> when republicans talk about being flexible, we have not heard one definitive word to what they mean. second of all, our republican friends look up and understand that this issue of the fiscal cliff was debated during the election and, you know what, mitt romney lost. obama won. the american people are very c
to avoid that fiscal cliff. republican aid describe the tentative white house proposal this way. $1.6 trillion in revenue presented by secretary treasury secretary timothy geithner and stimulus and $400 billion in medicare and other entitlement savings. a permanent increase in the debt limit. >> so, let's get more on the standoff right now. joining us senator bernie sanders of vermont. he caucuses with the democrats. senator, first of all, congratulations on your re-election. thanks for...
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bring it altogether for me, is this about powerball, fiscal cliff, where are we with all of this, tavis? this is the increasingly impoverished in america, and then you have this washington battle that appears intrangient as it has ever been. meanwhile, the debt rises to $16 trillion. >> i hoped that the president would say this, he has not, as yet. and i'm not holding my breath any longer, giving the clip you just showed. but the short answer, fiscal cliff is really just a masquerading of austerity, it is austerity in disguise. and the president and those of us who care about the future of this country in terms of this gap between have gots, and have notes, this is just austerity, they want to now basically scare those americans who are already on the short end of the stick with this conversation about a fiscal cliff. when the reality is that millions of americans have already gone over the fiscal cliff. and so this is a conversation that in some regards is a waste of time in washington, we ought to be talking about creating jobs and not about deficit reduction. it troubles me when the
bring it altogether for me, is this about powerball, fiscal cliff, where are we with all of this, tavis? this is the increasingly impoverished in america, and then you have this washington battle that appears intrangient as it has ever been. meanwhile, the debt rises to $16 trillion. >> i hoped that the president would say this, he has not, as yet. and i'm not holding my breath any longer, giving the clip you just showed. but the short answer, fiscal cliff is really just a masquerading of...
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this is not the whole fiscal cliff but just the sequester. $1.2 trillion of mandatory spending cuts over ten years and scheduled for january 2nd. half of that money cut in defense. half in everything else. next year alone could take $65 billion out of spending and a million jobs versus growing 2 million which is what the u.s. is on track to do now. i fully understand the government needs to spend less and spend more efficiently but how you achieve it is as important as how much you cut and the sledge hammer approach is not economically sound. now, there are targeted and measured ways to do it without driving the country in to another recession. some debate today as to whether we're in one or not but the sequester will only make things worse. congress, solve it. solve it nowme. we're all watching. housing is hot. if you have credit and money for a down payment, the perfect time to buy. nationally, affordability is the best it's been in a long time. new york city is the least affordable place in america to purchase a home. no big surprise here. home prices in new york are nearly two and a
this is not the whole fiscal cliff but just the sequester. $1.2 trillion of mandatory spending cuts over ten years and scheduled for january 2nd. half of that money cut in defense. half in everything else. next year alone could take $65 billion out of spending and a million jobs versus growing 2 million which is what the u.s. is on track to do now. i fully understand the government needs to spend less and spend more efficiently but how you achieve it is as important as how much you cut and the...
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the white house thinks of the debt ceiling as part three of a three-step solution to the fiscal cliff. they are asking that any deal that they cut with the republicans include some mechanism that is a permanent solution to avoid a debt ceiling nightmare, like we had last year. here's what president obama said when he spoke to business ceos about this earlier today. >> i want to send a very clear message to people here, we are not going to play that game next year. if congress in any way suggests that they're going to tie negotiations to debt ceiling votes, and take us to the brink of default once again, as part of a budget negotiation, which, by the way, we have never done in our history, until we did it last year, i will not play that game. because we have got to break that habit before it starts. >> reporter: so just to be very clear, the white house sees this as three steps. a fiscal deal would include, one, some measure that would raise revenue. tax raising. two, a sequester, that's all those budget cuts that are going to kick in, some way to save money through spending cuts, prob
the white house thinks of the debt ceiling as part three of a three-step solution to the fiscal cliff. they are asking that any deal that they cut with the republicans include some mechanism that is a permanent solution to avoid a debt ceiling nightmare, like we had last year. here's what president obama said when he spoke to business ceos about this earlier today. >> i want to send a very clear message to people here, we are not going to play that game next year. if congress in any way...
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. >> which is not what the president wants, but there's a big difference between this fiscal cliff and the full faith and credit of the united states. the american government has never defaulted on its debt. and now there are some, not the majority of republicans but some on the extreme of the republican party and they seem to be in control, who seem to want to default on our debt. that's crazy. if they cannot be entrusted with the full faith and credit of the united states, they should not have that leverage. >> paul, where were the overtures though? where were the overtures with this deal that was presented? i mean, listen, you don't have to be mensa to know delivering a deal like that was going to make mitch mcconnell laugh. where were the overtures for the democrats? >> first of all, it is an overture, the deal itself. the proposal. it's not the deal, it's the proposal. the republicans have not come with a counterproposal. why? they seem to be intent on falling on their sword for the 2% of the wealthiest americans, many of whom themselves are happy to pay a slightly higher rate the
. >> which is not what the president wants, but there's a big difference between this fiscal cliff and the full faith and credit of the united states. the american government has never defaulted on its debt. and now there are some, not the majority of republicans but some on the extreme of the republican party and they seem to be in control, who seem to want to default on our debt. that's crazy. if they cannot be entrusted with the full faith and credit of the united states, they should...
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that's complicating the fiscal cliff discussions. mitch mcconnell yesterday proposed a vote on a measure that would give the president the authority to increase the debt ceiling without congressional input. this is something that the white house has proposed as part of their fiscal cliff proposal. it's a nonstarter for republicans. but he wanted to put it on the floor to show that even democrats don't support giving the president that kind of authority. he did that and harry reid turned around and said, let's see if we can do it with a simple majority for 51 votes and democrats it appeared had made sure they had that and then mitch mcconnell in return ended up objecting to the very thing he propose eed. take a listen. >> now the republican leader objects his own idea. i guess we have a filibuster of his own bill. >> so this was some maneuvering that went on. mitch mcconnell won the day when he proposed a vote overall on the entire fiscal cliff proposal and harry reid objected to it. it's a little bit of a back and forth going on in t
that's complicating the fiscal cliff discussions. mitch mcconnell yesterday proposed a vote on a measure that would give the president the authority to increase the debt ceiling without congressional input. this is something that the white house has proposed as part of their fiscal cliff proposal. it's a nonstarter for republicans. but he wanted to put it on the floor to show that even democrats don't support giving the president that kind of authority. he did that and harry reid turned around...
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fiscal cliff negotiations, they're really focused on fixing the debt. how can you fix the debt if you can't fix the economy? if you can't fix the jobs situation? >> oh, boy, this is the magic question this is why people like paulfreaking out and going, wait a minute, we go over the fiscal cliff, it is austerity, it is bad for job creation and that could be a problem. the bigger issue i think in the long-term unemployment problem is we never really dealt with it from the beginning of the jobs crisis. so 12 million people out of work, 40% of them, more than six months, that's insane. but we have not had a real program to get those long-term unemployed back to work. and, you know, frankly, i don't see anything happening in the future. as we look at that fiscal cliff, what does that really do? it says government is going to spend less money, less money means less job training, less ways to get the unemployed back to work. that really says that we're probably going to be stuck with an unemployment problem for a long time. >> so avoiding a fiscal cliff doesn'
fiscal cliff negotiations, they're really focused on fixing the debt. how can you fix the debt if you can't fix the economy? if you can't fix the jobs situation? >> oh, boy, this is the magic question this is why people like paulfreaking out and going, wait a minute, we go over the fiscal cliff, it is austerity, it is bad for job creation and that could be a problem. the bigger issue i think in the long-term unemployment problem is we never really dealt with it from the beginning of the...
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. >>> 33 days until the fiscal cliff. we just keep talking about this. while politicians try to sell their plans of first big negotiations get under way with treasury secretary tim geithner headed to capitol hill for separate meetings with congressional leaders. we'll have much more on "starting point" as well. >> and best advice before we go, too. don't go away. ♪ ♪ make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a jetta. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. with scottrader streaming quotes, an
. >>> 33 days until the fiscal cliff. we just keep talking about this. while politicians try to sell their plans of first big negotiations get under way with treasury secretary tim geithner headed to capitol hill for separate meetings with congressional leaders. we'll have much more on "starting point" as well. >> and best advice before we go, too. don't go away. ♪ ♪ make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head...
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you know, the big picture is more than just the fiscal cliff. and a lot bigger than do we raise taxes on people who are there to make more than $250,000 a year. this is about the debt. it's about the fiscal deficit. it's about our economy. it's about our future. it's about our children. and president obama is playing a very risky game. because in the end, this is his presidency. and you're going to look back and have a bar chart of deficits and debt. and there's not going to be an asterisk that says it was the republicans' fault. i think we've got to stop playing poker, work together and understand we're working to save the country. >> that might be the long game. the asterisk in history books later. right? the short gain is raising taxes. that really is what everything is focused on right now. and i think, nan, it's fair to say that could be a big problem for republicans. all polls indicate that it's going to be the republicans that hold the bag if you end up not raises taxes on people who are perceived to be very wealthy who could afford it. >
you know, the big picture is more than just the fiscal cliff. and a lot bigger than do we raise taxes on people who are there to make more than $250,000 a year. this is about the debt. it's about the fiscal deficit. it's about our economy. it's about our future. it's about our children. and president obama is playing a very risky game. because in the end, this is his presidency. and you're going to look back and have a bar chart of deficits and debt. and there's not going to be an asterisk that...
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. >> fiscal cliff. >> fiscal cliff. >> that dreaded fiscal cliff. >> stephen: yes, the dreaded fiscal cliff. an unavoidable money will technology the razor-sharp financial rocks below. it all started back in 2011 during the showdown over raising our debt ceiling when republicans wanted spending cuts and obama wanted to raise taxes. which led to a budget crisis that congress solved by not solving it. (laughter) instead, they handed it over to something called "the supercongress" which couldn't fail because it was super. (laughter) unfortunately it was also congress so it failed. (laughter) and as a result -- (applause) as a result -- (applause) as a result, folks, we are facing another thing called sequestration which at first sounds like rationing the amount you can watch "sea quest." (laughter) but it's even worse than that. (laughter) sequestration is automatic spending cuts that both sides agree would trigger a new recession. it's like congress put a gun to the economy's head and swore it will pull the triger if congress doesn't put its own gun down. (laughter) it's kind of like a
. >> fiscal cliff. >> fiscal cliff. >> that dreaded fiscal cliff. >> stephen: yes, the dreaded fiscal cliff. an unavoidable money will technology the razor-sharp financial rocks below. it all started back in 2011 during the showdown over raising our debt ceiling when republicans wanted spending cuts and obama wanted to raise taxes. which led to a budget crisis that congress solved by not solving it. (laughter) instead, they handed it over to something called "the...
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even as we are wrestling with trying to debt a handle on the fiscal cliff, we cannot lose sight of their urgent priority of making sure we have job growth -- job creation, to say the least. many of the components you have outlined -- that both of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest bang for the buck in terms of economic impact of those that we are discussing here today? >> it is a given that we will extend the current tax rates for taxpayers that make less than $250,000 on an annual basis. that is absolutely necessary. when you consider the other things that are happening -- in terms of the bang for the buck, the emergency unemployment insurance program is very effective. it is small in the grand scheme of things. cbo is estimating it would costs per calendar year about $33 million. but the economic to bitty for job growth compared to the unemployment rate would be measurably
even as we are wrestling with trying to debt a handle on the fiscal cliff, we cannot lose sight of their urgent priority of making sure we have job growth -- job creation, to say the least. many of the components you have outlined -- that both of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest...
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about the fiscal cliff. host: and in the washington post is a picture of three c.e.o.'s coming out of the white house. this is patricia wuertz, she is the chief executive of archer daniel's midland. emmett fraser of merck and another person walking out. we're going to move onto william in maryland on our republican line. hi, william. caller: gorn. i love watching c-span, i'm a first time caller. host: welcome. caller: thank you. i'm not the greatest at this, but i can tell you as an african-american republican, who is a home owner association's president for his community of 339 homes, and someone who works in security, and someone who volunteers at least 40 hours a week on his community, there is a issue with us as americans and picking up slack. we put too much on the federal government to do. we as people need to stand more for each other and help each other. and i guarantee you if we took the money out of the politics, and we as the people stood together with one another and helped each other as in the c
about the fiscal cliff. host: and in the washington post is a picture of three c.e.o.'s coming out of the white house. this is patricia wuertz, she is the chief executive of archer daniel's midland. emmett fraser of merck and another person walking out. we're going to move onto william in maryland on our republican line. hi, william. caller: gorn. i love watching c-span, i'm a first time caller. host: welcome. caller: thank you. i'm not the greatest at this, but i can tell you as an...